through an initial public offering.

Renaissance Re, which began operations in June this year with initial capitalisation of $141.2 million, will also specialise in marine and aviation reinsurance.

The reinsurer is waiting for approval from the Securities and Exchange Commission before launching the offering in early December.

Eight million common shares will be offered in North America and two million in an international offering.

The 10 million share offering amounts to 40.8 percent of Renaissance Re's common shares.

In total, 11.5 million shares will be registered with the SEC.

After the share offering, the company plans to be capitalised in excess of $300 million, based on a proposed maxiumum offering price of $19 per common share. It is not yet known on which exchange the shares will be listed.

From June to September 30, Renaissance Re has recorded $55.5 million net premiums written and about $13.4 million in net income.

In the SI registration document, Renaissance Re is said to have selectively underwritten since its inception, backing only 97 programmes from 36 brokerage firms.

One of the main tenets of Renaissance's business strategy is stated as "operating only through brokers and developing long-term relationships with brokers and reinsureds by providing consistent capacity, superior responsiveness and client service.'' Pointing to recent industry trends, the document stated: "There has been a significant decrease in the supply of property catastrophe reinsurance and retrocessional capacity available to insurers and reinsurers, respectively.'' Renaissance Re estimates 50 of the 145 companies participating in the London market in 1990 have since withdrawn.

The company acknowledges an increase in demand for property catastrophe reinsurance and retrocessional coverage. "Management believes there have been substantial increases in premium rates and retentions required by reinsurers.'' The document also outlines the company's plan to write large lines on a limited number of property catastrophe reinsurance treaties.

The company's was formed by Warburg, Pincus Investors, LP., who have contributed $70 million; Trustees of General Electric Pension Trust, $25 million; GE Investment Private Placement Partners I, LP., $25 million; and USF&G, $20 million.

Renaissance Re has offices in Sofia House on Church Street. PHOTO Mr. James Stanard.